On 17 April 2026, Huaibei GreenGold Industry Investment Co., Ltd. (HUAIBEI GD CO) signed a loan agreement with Huaibei City Construction Investment Holding Group Co., Ltd. and Huaibei Public Utility Assets Operation Co., Ltd.

Key terms • Principal: RMB100.00 million • Tenor: 12 months from the deposit date • Interest rate: 4.10% per annum, payable quarterly • Default interest: 6.15% per annum • Security: joint-and-several guarantee by Huaibei Public Utility Assets Operation Co., Ltd. for the full principal, accrued interest, default interest and recovery costs • Early repayment: permissible at the lender’s discretion via written notice • Funding source: internal resources of HUAIBEI GD CO

Regulatory classification The transaction meets the definition of a discloseable transaction under Chapter 14 of the Hong Kong Listing Rules. Applicable percentage ratios exceed 5% but remain below 25%, triggering announcement and reporting requirements without the need for shareholder approval.

Strategic rationale Management cites two drivers: 1. Support for the borrower’s state-owned infrastructure and public-service projects, aligning with the company’s social responsibilities. 2. Yield enhancement, as the 4.10% coupon exceeds prevailing PRC bank deposit rates, providing a stable stream of interest income.

Counterparty profile and credit considerations • Borrower and guarantor are both wholly owned by Huaibei SASAC, indicating local government backing. • Borrower registered capital: RMB12.70 billion; guarantor registered capital: RMB737.50 million. • Operations span urban infrastructure construction, public services, transport management and cultural tourism.

HUAIBEI GD CO’s board deems the terms fair and reasonable and considers the credit risk acceptable given the guarantee structure and state-owned background of the counterparties.